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The COVID-19 Crisis: Implications for the Financial Services Industry

Assessing COVID-19 impact on banking and financial services

The COVID-19 pandemic could be one of the most serious challenges faced by the financial services industry in nearly a century. The COVID-19 impact on banking will be severe – fall in demand, lower incomes, production shutdowns - and will adversely affect the business of banks. The situation is exacerbated by staff shortages, inadequate digital maturity, and pressure on the existing infrastructure as firms scramble to deal with the impact of COVID-19 on financial services.

To address the COVID-19 impact on banking, financial institutions must craft a strategic response across the immediate-, short- and medium-term by adopting the appropriate digital technology enablers and innovations underpinned by agile delivery models. Some of the digital technology enablers include:

Analytics and insights solutions to identify and prepare for new risks

Business process reengineering and automation to ensure availability of digital banking services